Wealth is concentrating into the hands of those who are able to adapt to the digital economy.” Twenty years ago, we did not have one dollar billionaire, yet now the average wealth of China’s Top 1800 individuals is a staggering US$1.4bn. Tech entrepreneurs are replacing those from the traditional powerhouses of manufacturing and real estate. Whilst last year could be put down to a 20% drop in the stock exchange, on the back of a slowing economy and the US-China trade, this year – in a year when stock markets have risen slightly – the shrink in the list is due to the impact of the digital economy. “This is the first time that the Hurun Rich List has shrunk for two consecutive years. The stories of these people tell the story of the Chinese economy.” R upert Hoogewerf, Chairman and Chief Researcher of Hurun Report, said: “The 2019 Lexus Hurun China Rich List is a snapshot of the private sector on the occasion of China’s 70 th anniversary.
Wealth calculations are a snapshot of 15 August, the same date as previous years.
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